logo
Lee, Indonesian president agree to bolster economic, defense cooperation

Lee, Indonesian president agree to bolster economic, defense cooperation

Korea Herald7 days ago

President Lee Jae Myung and Indonesian President Prabowo Subianto agreed Monday to deepen cooperation in trade, technology and the defense and arms industries, the presidential office said.
In their first phone call since Lee's inauguration earlier this month, the two leaders discussed ways to further advance the Special Strategic Partnership established between the two countries in 2017.
"The two leaders agreed to continue strengthening strategic cooperation across a range of sectors, including trade and investment, advanced future industries driven by digital and green transitions, as well as the defense and the arms industry," presidential spokesperson Kang Yu-jung said in a written briefing.
During the conversation, Lee invited Prabowo to attend the Asia-Pacific Economic Cooperation summit, set to take place later this year in South Korea's Gyeongju.
The two leaders agreed to maintain close communication and work together to further develop bilateral ties and contribute to regional peace and stability, according to the office. (Yonhap)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Judges' meeting on judicial independence ends without consensus
Judges' meeting on judicial independence ends without consensus

Korea Herald

time26 minutes ago

  • Korea Herald

Judges' meeting on judicial independence ends without consensus

Judges divided over Supreme Court case involving President Lee A national meeting of South Korean judges ended without agreement on Monday, as members remained divided over how to respond to the Supreme Court ruling on President Lee Jae Myung's alleged election law violations. According to the National Association of Judges, the Monday meeting was to address the ongoing controversy surrounding the judiciary, sparked by the Supreme Court ruling issued during President Lee's presidential campaign. Proposals related to key issues such as judicial independence and public trust in the courts were largely opposed, and all five motions put to a vote were rejected. The judges previously decided not to pass a resolution, opting instead to continue discussions after the June 3 presidential election due to concerns that their decision could influence the election. One of the key issues was the association's commitment to ensuring fair trials by monitoring the legal procedures in Lee's case, analyzing the causes of the controversy and discussing measures to resolve it. Among the 90 judges who attended the meeting, 56 expressed the view that the proceedings of Lee's election law violation case were conducted legally, and so the association decided not to issue an additional statement on the matter. Another item on the agenda was whether judicial independence was undermined by the Democratic Party of Korea's lawmaker-led decision to summon and investigate Supreme Court Chief Justice Jo Hee-de after the ruling. While 19 judges believed that the then main opposition party's measure constituted a serious breach of judicial independence, 67 opposed the proposal. The remaining proposals were all voted down. These included proposals that would have addressed criticism directed at the Supreme Court's unusually swift handling of Lee's criminal case -- including its expedited appeal trial and selective review of the lengthy case record -- which raised doubts about the court's political neutrality. The National Association of Judges announced that it would not announce any official statement or make proposals as its members were divided, with some believing the top court's ruling undermined public trust in the judiciary, while others argued that a collective opinion on the validity of the ruling could be seen as judicial overreach. The special meeting, held by judges from courts at all levels nationwide, is convened to express opinions or make recommendations on judicial administration and the independence of the judiciary.

BOK lifts 14-year restriction on kimchi bond investment
BOK lifts 14-year restriction on kimchi bond investment

Korea Herald

time5 hours ago

  • Korea Herald

BOK lifts 14-year restriction on kimchi bond investment

The South Korean central bank on Monday lifted restrictions on local institutions investing in foreign currency-denominated bonds issued for domestic use, known as kimchi bonds, in an effort to improve foreign exchange liquidity, officials said. Under the new measure, foreign exchange institutions, including foreign exchange banks, securities firms and insurance companies, are allowed to invest in kimchi bonds without limitations starting Monday, according to the Bank of Korea. The restriction was introduced in 2011 to prevent debt issuance intended to circumvent currency loan regulations and to curb excessive domestic investment in foreign currency debt. With a growing imbalance in foreign exchange supply and demand, however, there have been calls to ease the regulations. "We expect the measure to help alleviate the imbalance in foreign exchange supply and demand by improving foreign currency liquidity and easing downward pressure on the Korean won," a BOK official said. "It is also expected to contribute to the development of the domestic capital market by revitalizing the kimchi bond market," the official added. Privately placed bonds, however, are excluded from the latest deregulation out of concerns that they could be used to bypass existing restrictions on the use of such loans, according to the central bank. (Yonhap)

Pyongyang subway system renovated with modern conveniences
Pyongyang subway system renovated with modern conveniences

Korea Herald

time5 hours ago

  • Korea Herald

Pyongyang subway system renovated with modern conveniences

The subway system in the North Korean capital of Pyongyang has undergone a major facelift in recent years to add modern conveniences, a pro-North Korea media outlet reported Monday. "The Pyongyang subway system is embracing new changes from the 2010s through the 2020s," said the Choson Sinbo, a pro-North Korean newspaper based in Japan. It said remodeling was recently completed at several metro stations, including the Moranbong, Jonu and Pulgunbyol stations. With high-domed ceilings and lamps brightening the interior, the subway stations and platforms in Pyongyang seen in images on the website of the Choson Sinbo stand in sharp contrast to a Yonhap News Agency photo taken in 1992, which depicted the system as a dark underground facility without benches or electronic information boards. The latest Choson Sinbo photos showed subway platforms equipped with electronic information boards and TV monitors, with passengers reading newspapers or using smartphones on the brightly lit platforms. North Korea launched the subway service in the capital in 1973, with national founder and then leader Kim Il-sung cutting the ribbon at the first-stage inauguration ceremony at Bonghwa Station in September that year. Through three additional stages, the construction of the Pyongyang subway lines was completed in 1987, creating an underground network as deep as 150 meters that can serve as an emergency shelter resistant to nuclear attacks. Incumbent North Korean leader Kim Jong-un visited the subway system in 2015 and issued detailed instructions to raise the ceilings, install benches and add modern conveniences, including TVs and automated ticket barriers. The Pyongyang subway system was one of the destinations visited by Vitaly Shulika, Russia's deputy internal affairs minister, when he traveled to North Korea with a ministry delegation last month. Chinese Ambassador to North Korea Wang Yajun also toured Puhung Station in February, along with embassy officials, expressing hope many Chinese travelers could visit and see the Pyongyang subway system to promote friendship and mutual understanding between the peoples of the two countries. (Yonhap)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store